Valuing a business: the analysis and appraisal of closely held companies
"The go-to valuation guide for more than 30 years has been updated with need-to-know information about taxes, financial reporting, compliance, and more When it was first published in 1981, Valuing a Business set a new standard in business publishing. Now in its sixth edition, this landmark guid...
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| Format: | Buch |
| Sprache: | English |
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New York ; Chicago ; San Francisco ; Athens ; London ; Madrid
McGraw Hill
[2022]
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| Ausgabe: | Sixth edition |
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| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | "The go-to valuation guide for more than 30 years has been updated with need-to-know information about taxes, financial reporting, compliance, and more When it was first published in 1981, Valuing a Business set a new standard in business publishing. Now in its sixth edition, this landmark guide is essential for anyone involved in business valuation-from CEOs, accountants, and lawyers to judges, financial planners, and small-business owners. Covering both the concepts of business valuation and practices for doing it right, this is by far the most comprehensive book on the subject. Valuing a Business, Sixth Edition provides detailed answers to virtually every question on the topic, ranging from executive compensation and lost profits analysis to ESOP issues and valuation discounts. Updates include: * Hundreds of new court decisions shedding new light on aspects of valuation * Checklists for reviewing reports-perfect for practitioners and attorneys * Risk-measurement methods for estimating cost of capital * Data sources for estimating discounts for lack of control, liquidity, and marketability * New chapters on fairness opinions/solvency opinions and valuation of REITs"-- |
| Beschreibung: | xlv, 1248 Seiten |
| ISBN: | 9781260121568 1260121569 |
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| 520 | 3 | |a "The go-to valuation guide for more than 30 years has been updated with need-to-know information about taxes, financial reporting, compliance, and more When it was first published in 1981, Valuing a Business set a new standard in business publishing. Now in its sixth edition, this landmark guide is essential for anyone involved in business valuation-from CEOs, accountants, and lawyers to judges, financial planners, and small-business owners. Covering both the concepts of business valuation and practices for doing it right, this is by far the most comprehensive book on the subject. Valuing a Business, Sixth Edition provides detailed answers to virtually every question on the topic, ranging from executive compensation and lost profits analysis to ESOP issues and valuation discounts. Updates include: * Hundreds of new court decisions shedding new light on aspects of valuation * Checklists for reviewing reports-perfect for practitioners and attorneys * Risk-measurement methods for estimating cost of capital * Data sources for estimating discounts for lack of control, liquidity, and marketability * New chapters on fairness opinions/solvency opinions and valuation of REITs"-- | |
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Datensatz im Suchindex
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| adam_text | Contents List of Exhibits xv About Shannon P. Pratt xxi About the Contributing Authors xxiii Foreword xxxiii Preface xxxv Acknowledgments xxxix Notation System Used in This Book xliii Part I State of the Profession, the Engagement, and the Basic Theory CHAPTER 1 Business Valuation Standards and Credentials 3 Introduction · The Appraisal Foundation · Uniform Standards of Professional Appraisal Practice (USPAP) · Other Organizations That Have Offered Guidance on Business Valuation Issues · Professional Organizations Offering Accreditation in Business Valuation · Summary CHAPTER 2 Defining the Assignment Introduction · Basic Elements of the Appraisal Assignment · Definition of Who Offered and Who Accepted the Assignment · Identification of Intended Users Other than the Client · Intended Use of the Appraisal · Description of the Legal Interest or Interests to Be Appraised · Description of the Specific Ownership Interest Characteristics · Valuation Date · Standards of Value · Sources of Guidance as to Applicable Standards and Premises of Value · Form of the Report · Scheduling · Fee Arrangements · Extraordinary Assumptions and Hypothetical Conditions · Summary 17 CHAPTER 3 Business Valuation Theory and Principles 43 Introduction · Generally Accepted Theory · Reliance on Forecast versus Historical Benefits · Basic Variables Affecting Value · Impact of Risk on Value · Accepted Business Valuation Approaches and Methods · Levels of Value · Other Qualitative Factors Affecting Value · Matching the Valuation Methodology with the Standard and Premises of Value · Sum of Parts Not
Necessarily Equal to Whole · Summary
Contents ví Part II Gathering and Analyzing Data CHAPTER 4 Gathering Company Data 65 Introduction · Generalized Company Information Checklist · Financial Statements · Federal Income Tax Returns · Interim Financial Statements · Other Financial Statement Schedules · Off-Balance-Sheet Assets or Liabilities · Related Party Transaction Information · Operating Information · Past Transactions in the Stock or Offers to Buy · Budgets, Forecasts, and Projections · Capital Requirements · Company Documents Relating to the Rights of Owners · Summary CHAPTER 5 Site Visits and Interviews 83 Introduction · History · Description of the Business · Management and Management Compensation · Operations · Markets and Marketing · Finance · Prior Arm’s-Length Transactions or Offers · Catch-All Question · Interviews of Outsiders · Summary CHAPTER 6 Researching Economic and Industry Information 97 Introduction · National Economic Information · Regional Economic Information · Industry Information · Summary CHAPTER 7 Analyzing Financial Statements 107 Introduction · Normalizing versus Controlling Adjustments · Adequacy of Allowance and Reserve Accounts · Inventory Accounting Methods · Depreciation Methods and Schedules · Depletion · Treatment of Intangibles · Other Intangible Assets · Capitalization versus Expensing of Various Costs · Timing of Recognition of Revenues and Expenses · Net Operating Loss Carryforwards · Treatment of Interests in Affiliates · Extraordinary or Nonrecurring Items · Operating versus Nonoperating Items · Management Compensation and Perquisites · Transactions Involving Company
Insiders · Contingent Assets and Liabilities · Adjustments to Asset Valuations · Computation of Earnings per Share · Computation of Book Value per Share · Equity Compensation—Phantom Stock and SARs · Example of the Effect of Alternative Accounting Methods · Adjusting the Balance Sheet to Current Values · Summary CHAPTERS Financial Statement Ratio Analysis Introduction · Use and Interpretation of Ratio Analysis · Common-Size Statements · Short-Term Liquidity Measures · Activity Ratios · Risk Analysis · Balance Sheet Leverage Ratios · Income Statement Coverage Ratios · Income Statement Profitability Ratios · Return on Investment Ratios · Asset Utilization Ratios · Summary 133
Contents Part III vii ________________________________________________________________________ ____ Business Valuation Approaches and Methods chapter 9 Income Approach: Discounted Economic Income Method 155 Introduction · Theoretical and Practical Soundness of the Approach · Basic Discounted Economic Income Framework · Estimating the Discount Rate · Discounting Economic Income Available to Overall Capital · Specific Forecast Period Plus a Terminal Value · Midyear Discounting Convention · Example of Application of Discounted Economic Income Methods · Caveats in Using Discounted Economic Income Methods · Does the Discounted Economic Income Method Produce a Control or a Noncontrolling Value? · What Standard of Value Does a Discounted Economic Income Method Produce? · Common Errors · Summary chapter ю Income Approach: Capitalized Economic Income Method Introduction · Essential Difference Between the Discounting Method and the Capitalization Method · The Perpetual Economic Income Stream Model · Converting a Discount Rate to a Capitalization Rate—The Constant 181 Growth Model · The Gordon Growth Model · Sensitivity to Growth Rate Assumptions · When to Use the Discounting versus the Capitalization Method · Equivalence of the Discounting and Capitalization Methods · Implementing the Capitalized Economic Income Method · Forecasting the Basic Economic Income Level and the Growth Rate · Defining the Components in the Capitalization Method · Modification to Reflect the Midyear Discounting Convention · Using the Capitalized Economic Income Method to Develop a Terminal Value · Does the
Capitalized Economic Income Method Produce a Control Value or a Noncontrolling Value? · What Standard of Value Does the Capitalized Economic Income Method Produce? · Misconceptions About the Difference Between the Discounted Economic Income and the Capitalized Economic Income Methods · Relationship Between the Capitalized Economic Income Method and the Market Approach · Common Errors · Summary 11 Income Approach: Developing the Discount Rate 207 Introduction · What Is Risk? · Capital Asset Pricing Model · Build-Up Method · Risk-Free Interest Rate and Equity Risk Premium: Interrelated Concepts · Systematic and Unsystematic Risk · Industry Risk Premiums · Size Effect · Company-Specific Risk Premium · Rate of Return Allowed to Regulated Companies · Benchmarking to Industry Data · Estimating the Discount Rate for Closely Held Businesses · Converting a Discount Rate Applicable to Net Cash Flow to a Discount Rate Applicable to Another Measure of Economic Income · Common Errors · Summary chapter 12 Income Approach: Forecasting Economic Income 257 Introduction · Understanding the Business of the Subject Company · Economic and Market Conditions Considerations · Industry Considerations · Company-Specific Considerations · Specific Forecast Period Economic Income Considerations · Terminal Period Economic Income Considerations · Common Errors · Summary chapter
Contents viii Chapter 13 Market Approach: Guideline Public Company Method 283 Introduction · Overview of the Guideline Public Company Method · When Is the Guideline Public Company Method Most Useful? · Criteria for Guideline Company Selection · How Many Guideline Companies? · Time Period to Consider · Deciding Which Valuation Multiples to Use · Compiling Guideline Company Tables · Selection of Multiples · Selecting and Weighting Specific Multiples for the Subject Company Based on Guideline Companies · Treating Nonoperating Assets, Excess Assets, and Asset Deficiencies · Multiline Companies · Typical Adjustments to Reach a Value Conclusion · Valuation Multiples Using Market Value of Invested Capital · Common Errors · Summary chapter 14 Market Approach: Guideline Transaction Method 325 Introduction · Overview of the Guideline Transaction Method · When Is the Guideline Transaction Method Most Useful? · Control Transaction Valuation Multiples · Caveat: Check the Deal Structure · Sources of Merger and Acquisition Data · Past Subject Company Transactions · Formulas or Rules of Thumb · Nonoperating Assets, Excess Assets, and Asset Deficiencies · Selecting and Weighting Multiples for the Subject Company Based on Guideline Transactions · Reaching the Value Conclusion · Common Errors · Summary chapter 15 Asset-Based Approach: The* Capitalized Excess Earnings Method Introduction · History of the Capitalized Excess Earnings Method · Capitalized Excess Earnings Valuation Method · Analysis of the Capitalized Excess Earnings Method · Comprehensive Example · Treatment of Negative Goodwill
· Common Errors in Applying the Capitalized Excess Earnings Method · Summary chapter 16 Asset-Based Approach: Asset Accumulation Method 361 Introduction · Asset-Based Approach versus Book Value · Valuation Methods Under the Asset-Based Approach · Fundamentals of the Asset Accumulation Method · Asset Accumulation Method Procedures · Individual Asset Valuation Procedures · Combining Elements of the Asset Accumulation and Capitalized Excess Earnings Methods · Example · Advantages of the Asset Accumulation Method · Disadvantages of the Asset Accumulation Method · Summary 343 Part IV___________________________________________________________________________ ՜ Discounts, Premiums, and the Value Conclusion chapter 17 Control versus Lack of Control: Premiums and Discounts 385 Introduction · Control versus Lack of Control · Levels of Value · Measuring the Value Differential Between Levels of Value. · Elements of Control · Ways Control Elements Are Conveyed or Restricted · Control Covers a Spectrum · Deriving Value Reflecting Control or Lack of Control · How the Standard of Value Affects Control Considerations · Summary
Contents CHAPTER 18 ix Market Evidence of Acquisition Premiums and Discounts for Lack of Control 409 Introduction · Market Evidence Regarding Acquisition Premiums · Market Evidence Regarding Discounts for Lack of Control · Asset Holding Companies · Direct Undivided Ownership Interests in Real Estate · Nonoperating Assets · Summary CHAPTER 19 Discounts for Lack of Liquidity and Lack of Marketability 419 Introduction · Liquidity and Marketability—Closely Related but Not the Same · Adjustment for Lack of Marketability for Noncontrolling Ownership Interests · Marketability Discounts Extracted from Prices of Restricted Stocks · Marketability Discounts Extracted from Studies of Private Transactions before Initial Public Offerings · Quantitative Methods Used to Quantify Discount for Lack of Marketability · Quantitative Analysis Using Put Option Models · Interests with Blocking Power or Influence · Overlap Between Control and Marketability Discounts · Factors that Affect the Lack of Marketability and Cost of Illiquidity · Hierarchy of Factors Impacting DLOM—Liquidity · Court Decisions on Discounts for Lack of Liquidity and Lack of Marketability · Discounts for Lack of Liquidity for Controlling Ownership Interests · Summary CHAPTER 20 Other Valuation Discounts Introduction · Entity-Level Discounts · Shareholder-Level Discounts · 465 Summary CHAPTER 21 Valuation Reconciliation and Conclusion 481 Introduction · The Reconciliation Process · Criteria for the Selection of Valuation Approaches and Methods · Reconciling Divergent Indications Among Valuation Methods · Weighting of Valuation
Method Results · At What Point Are Valuation Discounts and Premiums Applied? · Concluding the Value Estimate · Summary PartV Writing and Reviewing Business Valuation Reports CHAPTER 22 Writing the Business Valuation Report 499 Introduction · Overview of the Business Valuation Report · Uniform Standards of Professional Appraisal Practice · International Valuation Reporting Standards · Internal Revenue Service Business Valuation Guidelines · Valuation Professional Organization Reporting Standards · Guidelines for Effective Report Writing · Common Errors and Shortcomings in Business Valuation Reports · Summary CHAPTER 23 Sample Report Introduction · Nature and History of the Business · Analysis of the U.S. Economy · Analysis of the Poultry Processing Industry · Financial Statement Analysis · Valuation of Common Stock · The Guideline Public Company Method · The Discounted Cash Flow Method · Overall Valuation Conclusion 515
x Contents Chapter 24 Reviewing a Business Valuation Report 553 Introduction · Valuation Review Checklist · Identification of the Subject Property and Client · Relevant Dates · Definition of Value · Purpose of the Valuation · Ownership Characteristics · Economic and Industry Outlook · Basic Company Information · Sources of Information · Financial Statement Adjustments · Comparative Financial Statement Analysis · Valuation Methodology · Are the Data Employed Appropriate to the Valuation Date? · Valuation Discounts and Premiums · Valuation Reconciliation and Conclusion · Appraiser’s Qualifications · Statement of Contingent and Limiting Conditions · Overall Evaluation Part VI____________________________________________________________________________________ Valuing Specific Assets, Instruments, and Interests CHAPTER 25 Valuing Intangible Assets 569 Introduction · Business Valuation and Intangible Assets · Types of Intangible Assets · Reasons to Value Intangible Assets · Intangible Asset Valuation · Summary CHAPTER 26 Valuing Debt Securities 589 Introduction · Debt Instruments Overview · Common Situations Requiring Valuation of Debt Instruments · Methods of Valuation · Structural Characteristics of Debt Instruments · Private Promissory Notes · Other Forms of Corporate Borrowing · Summary CHAPTER 27 Valuing Preferred Securities Introduction · Common Situations Requiring Valuation of Preferred Instruments · Structural Characteristics of Preferred Interests · Method of Valuation of Preferred Interests · Tax and Financial Reporting Literature · Summary CHAPTER 28 Introduction to
Valuing Stock Options 633 Introduction · Common Situations Requiring the Valuation of Options · Terminology · Basic Call Option Equation · Black-Scholes Option Pricing Model · Binomial Model for American Call Options · Monte Carlo Simulation Techniques · Using Option Pricing to Value the Built-In Gains (BIG) Tax » Liability · Real Options · Summary CHAPTER 29 Valuing Employee Stock Options Introduction · Federal Income Taxes · Financial Reporting · Binomial Example of Valuing a Public Company ISO · Valuing Options of Closely Held Businesses · Summary 615 661
Contents xi Chapter 30 Valuing Complex Capital Structures 671 Introduction · Where Are Complex Capital Structures Commonly Encountered? · Considerations Before Equity Is Allocated Among Equity Classes · Overview of Allocation Methods · Case Study Assumptions · Case Study Using Allocation Method 1: Current Value Method · Case Study Using Allocation Method 2: Probability-Weighted Expected Return Method · Case Study Using Allocation Method 3: Option Pricing Method · Case Study Using Allocation Method 4: Hybrid Method · Comparison of the Equity Allocation Methods · Common Equity Allocation Pitfalls · Summary chapter 31 Valuing Interests in S Corporations and Other Pass-Through Entities 697 Introduction · Case Law History · Properly Matching Economic Income with the Discount Rate · Investor-Level Taxes and the Discount Rate · Academic Research · Models for Valuation of Pass-Through Entities · Summary chapter 32 Valuing Interests in REITs and Other Real Property Holding Entities 713 Introduction · Real Estate Investment Trusts · Family Limited Partnerships and Limited Liability Companies · Summary chapter 33 Valuing Real Property with a Business Component Introduction · How Do Real Estate Appraisers Analyze Real Property with a Business Component? · Relying on a Real Property Appraisal within a Business Valuation Assignment · Suggestions for Working with Real Property Appraisers · Summary 727 Part VII___________________________________________________________________________________ Valuations for Specific Purposes chapter 34 Valuations for Gift, Estate, and Charitable
Contribution Tax Purposes 743 Introduction · Current Tax Rates and Penalties · Guidelines for Federal Gift and Estate Tax Valuations · IRC Chapter 14 Special Valuation Guidelines · Gift and Estate Tax Filing Process · Locking in the Three-Year Gift Tax Statute of Limitations · Shifting the Burden of Proof from the Taxpayer to the 1RS · Valuation Issues in Estate and Gift Tax Planning · Valuation Requirements for Charitable Contribution Deductions · Summary chapter 35 Gift, Estate, and Charitable Contribution Tax Court Cases Introduction · Inadequacy of the Valuation · Fair Market Value · Approaches to Value · Burden of Proof · Selection of Guideline Companies · Buy-Sell Agreements · Covenants Not to Compete · Reliance on Subsequent Sales · Subsequent Events and Data · Discount for Lack of Marketability · Discounts for Lack of Marketability—Controlling Ownership Interests · Discount for Lack of Control · Blockage Discounts · Key Person Discount · Contingent Liability Discounts · Combined Discounts · Premiums · Built-In Capital Gains Taxes · Subchapter S Corporations · Family Limited Partnerships (FLPs) · Focus on Willing Seller as Well as on Willing Buyer · Must Use Empirical Data to Quantify Valuation Inputs · Sufficiency of Data · Charitable Contribution Issues · Summary 765
Contents xii CHAPTER 36 Valuation Provisions in Buy-Sell Agreements 819 Introduction · Categories of Buy-Sell Agreements · Pricing Mechanisms in Buy-Sell Agreements · Elements of Valuation Processes Described in Buy-Sell Agreements · Single Valuation Analyst Processes · Multiple Valuation Analyst Processes · Selecting the Valuation Analyst(s) · Common Problems with Buy-Sell Agreements · Summary CHAPTER 37 Valuation for Income Tax Purposes Introduction · Federal Income Tax Reasons to Conduct an Appraisal · Valuation of Property Received/Transferred in a Transaction · Use of Financial Reporting Valuations for Income Tax Purposes · U.S. Tax Reform 835 Considerations · Valuation of Compensation · Valuation of Noncompetition Agreements · Valuation of Worthless and Abandoned Property · Valuation Aspects of Cancellation of Indebtedness Income · Valuation-Related Income Tax Penalties · Valuation Aspects of Intercompany Transfer Pricing · Valuation of Intellectual Properties for State Income Taxation Purposes · Summary CHAPTER 38 Income Tax Court Cases 865 Introduction · General Valuation Methodology Issues · Reasonable Compensation Issues—Multifactor Tests · Reasonable Compensation Issues— Independent Investor Test · Intangible Asset Valuation Issues · Intangible Asset Valuation Issues in Transfer Pricing · Purchase Price Allocation Issues - Payment for Stock · Purchase Price Allocation Issues—Payment for Noncompetition Agreements · Present Value as Indicator of For Profit Status · Stock Warrant Valuation · Valuation as Accounting Method · Discounts Applicable in Corporate
Distributions · Like-Kind Exchange · Use of Financial Reporting Valuations for Income Tax Purposes · Summary CHAPTER 39 Valuations for Employee Stock Ownership Plans 917 Introduction · General ESOP Framework · Valuation of a Company for ESOP Purposes · Valuation Approaches and Methods · Legislative and Regulatory Issues in ESOPs · 1RS Audit Guidelines · ESOP-Specific Plan Administration Issues · Finance Issues in Leveraged ESOPs · Repurchase Liability · Accounting for ESOPs · Fiduciary Issues in ESOPs · Valuation Issues in ESOPs · Summary CHAPTER 40 ESOP Court Cases Introduction · Sommers v. Corrigan · U.S. News World Report · Eyler v. Commissioner · Henry v. Champlain · Eckelkamp v. Beste · Chao v. Hall Holding · Keach v. U.S. Trust Co. · Armstrong v. LaSalle · Kennedy v. Trustmark · Fifth Third Bancorp v. Dudenhoeffer · Perez v. Bruister · Fish v. GreatBanc · Brundle v. Wilmington Trust · Pizzella v. Vinoskey · Remy v. Lubbock · Lee v. Argent Trust · Walsh v. Bowers Kubota · Summary 939 CHAPTER 41 Valuations in Shareholder and Partner Disputes 973 Introduction · Dissenting Stockholder Actions · Interpretation of the Fair Value Standard in Dissent Cases · Requirement for Entire Fairness · Consequences of Lack of Entire Fairness · Noncontrolling Interest Dissolution Actions · Partnership Disputes · Summary
Contents xiii CHAPTER 42 Shareholder and Partner Dispute Court Cases 981 Introduction · Readers Must Interpret Cases Carefully · High Risk Associated with Applying Novel Theories · Fair Value Is Not Fair Market Value · Breach of Fiduciary Duty Expands Plaintiffs’ Potential Damages · Some States Use Acquisition Value Instead of Going-Concern Value · The Impact of Appraisal Arbitrage in Recent Delaware Decisions · Approaches to Value · Other States Consider Market Value, Asset Value, and Investment Value · Oppression Remedies Sometimes Differ from Appraisal · Corporate Dissolution in Shareholder Deadlock · Partnership and Limited Liability Company Dispute Cases · Discounts for Lack of Control and Lack of Marketability · Summary CHAPTER 43 Valuations for Marital Dissolution Purposes 1015 Introduction » The Marital Estate · Standard of Value · Valuation Date · Discovery · Goodwill · Valuation Methods · Compensation · Noncompete Covenants · Buy-Sell Agreements · Treatment of Built-In Capital Gains Taxes · Tax Consequences Upon the Hypothetical Sale of the Business · Valuation Discounts and Premiums · The Role of the Valuation Expert · Adequacy of Evidence · Summary CHAPTER 44 Marital Dissolution Court Cases 1029 Introduction · Standards of Value · Premise of Value · Active versus Passive Appreciation · Valuation Date · Goodwill · The Double Dipping Issue · Valuation Methods in the Family Law Courts · Noncompete Covenants · BuySell Agreements · Discounts for Lack of Control and Lack of Marketability · Adequacy of Evidence · Treatment of Tax Liabilities · Summary CHAPTER 45
Valuations for Financial Reporting 1065 Introduction · Financial Reporting Objectives and Frameworks · StandardSetting in Financial Reporting · Standardization of Fair Value · Key Accounting Topics Incorporating Fair Value · Characteristics of Fair Value (ASC 820) · Fair Value vs. Fair Market Value · Accounting for Acquisitions (ASC 805 and ASC 350) · Impairment Testing (ASC 350 and ASC 360) · Stock Compensation (ASC 718) · Portfolio Valuations (ASC 946) · Minimum Performance Standards · Summary CHAPTER 46 Valuations for Ad Valorem Taxation 1089 Introduction · Definitions of Ad Valorem Taxation Terminology · Basic Principles of the Property Tax Valuation Process · The Property Tax Equalization Process · The Property Tax Appeal Process · Property Tax Valuation Issues · Summary CHAPTER 47 Fairness Opinions 1119 Introduction · Corporate Law Relevant to Fairness Opinions · Directors’ Fiduciary Duties · Board Decisions in the Transaction Context · Overview of Fairness Opinions · Underlying Financial Analyses · Scope of Work Issues · Summary
Contents xiv CHAPTER 48 Solvency Opinions Introduction · Risks Addressed by Solvency Opinions in Highly Leveraged Transactions · Solvency Opinion Determinations · Analysis Supporting Solvency Opinions · Additional Solvency Opinion Issues · Summary 1141 Part VIII Litigation and Dispute Resolution CHAPTER 49 Litigation Support Services 1157 Introduction · The Role of Experts in Valuation-Related Disputes · Types of Disputes Requiring Valuation-Related Testimony · Engaging the Valuation Analyst as an Expert · The Litigation Process · Expert Discovery · Pretrial Briefs · Damages · Financial Forensics Investigations · Summary CHAPTER 50 Expert Testimony 1179 Introduction · Background Preparation · The Court as Gatekeeper · Depositions · Outlining Courtroom Testimony · Exhibits · Preparation with the Attorney · In the Courtroom · Courts’ Expectations Regarding Expert Testimony · Summary CHAPTER 51 Alternative Dispute Resoluțion 1203 Introduction · Advantages of ADR over Court Trial · Situations Suitable for Arbitration · The Arbitration Agreement · Selection of Arbitrators · Engagement and Compensation of Arbitrators · The Arbitration Process · Reporting the Results of the Arbitration · Mediation · Summary About the Website 1217 Appendices to each chapter online at www.appraisers.org/VAB6. Index 1221
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Contents List of Exhibits xv About Shannon P. Pratt xxi About the Contributing Authors xxiii Foreword xxxiii Preface xxxv Acknowledgments xxxix Notation System Used in This Book xliii Part I State of the Profession, the Engagement, and the Basic Theory CHAPTER 1 Business Valuation Standards and Credentials 3 Introduction · The Appraisal Foundation · Uniform Standards of Professional Appraisal Practice (USPAP) · Other Organizations That Have Offered Guidance on Business Valuation Issues · Professional Organizations Offering Accreditation in Business Valuation · Summary CHAPTER 2 Defining the Assignment Introduction · Basic Elements of the Appraisal Assignment · Definition of Who Offered and Who Accepted the Assignment · Identification of Intended Users Other than the Client · Intended Use of the Appraisal · Description of the Legal Interest or Interests to Be Appraised · Description of the Specific Ownership Interest Characteristics · Valuation Date · Standards of Value · Sources of Guidance as to Applicable Standards and Premises of Value · Form of the Report · Scheduling · Fee Arrangements · Extraordinary Assumptions and Hypothetical Conditions · Summary 17 CHAPTER 3 Business Valuation Theory and Principles 43 Introduction · Generally Accepted Theory · Reliance on Forecast versus Historical Benefits · Basic Variables Affecting Value · Impact of Risk on Value · Accepted Business Valuation Approaches and Methods · Levels of Value · Other Qualitative Factors Affecting Value · Matching the Valuation Methodology with the Standard and Premises of Value · Sum of Parts Not
Necessarily Equal to Whole · Summary
Contents ví Part II Gathering and Analyzing Data CHAPTER 4 Gathering Company Data 65 Introduction · Generalized Company Information Checklist · Financial Statements · Federal Income Tax Returns · Interim Financial Statements · Other Financial Statement Schedules · Off-Balance-Sheet Assets or Liabilities · Related Party Transaction Information · Operating Information · Past Transactions in the Stock or Offers to Buy · Budgets, Forecasts, and Projections · Capital Requirements · Company Documents Relating to the Rights of Owners · Summary CHAPTER 5 Site Visits and Interviews 83 Introduction · History · Description of the Business · Management and Management Compensation · Operations · Markets and Marketing · Finance · Prior Arm’s-Length Transactions or Offers · Catch-All Question · Interviews of Outsiders · Summary CHAPTER 6 Researching Economic and Industry Information 97 Introduction · National Economic Information · Regional Economic Information · Industry Information · Summary CHAPTER 7 Analyzing Financial Statements 107 Introduction · Normalizing versus Controlling Adjustments · Adequacy of Allowance and Reserve Accounts · Inventory Accounting Methods · Depreciation Methods and Schedules · Depletion · Treatment of Intangibles · Other Intangible Assets · Capitalization versus Expensing of Various Costs · Timing of Recognition of Revenues and Expenses · Net Operating Loss Carryforwards · Treatment of Interests in Affiliates · Extraordinary or Nonrecurring Items · Operating versus Nonoperating Items · Management Compensation and Perquisites · Transactions Involving Company
Insiders · Contingent Assets and Liabilities · Adjustments to Asset Valuations · Computation of Earnings per Share · Computation of Book Value per Share · Equity Compensation—Phantom Stock and SARs · Example of the Effect of Alternative Accounting Methods · Adjusting the Balance Sheet to Current Values · Summary CHAPTERS Financial Statement Ratio Analysis Introduction · Use and Interpretation of Ratio Analysis · Common-Size Statements · Short-Term Liquidity Measures · Activity Ratios · Risk Analysis · Balance Sheet Leverage Ratios · Income Statement Coverage Ratios · Income Statement Profitability Ratios · Return on Investment Ratios · Asset Utilization Ratios · Summary 133
Contents Part III vii _ _ Business Valuation Approaches and Methods chapter 9 Income Approach: Discounted Economic Income Method 155 Introduction · Theoretical and Practical Soundness of the Approach · Basic Discounted Economic Income Framework · Estimating the Discount Rate · Discounting Economic Income Available to Overall Capital · Specific Forecast Period Plus a Terminal Value · Midyear Discounting Convention · Example of Application of Discounted Economic Income Methods · Caveats in Using Discounted Economic Income Methods · Does the Discounted Economic Income Method Produce a Control or a Noncontrolling Value? · What Standard of Value Does a Discounted Economic Income Method Produce? · Common Errors · Summary chapter ю Income Approach: Capitalized Economic Income Method Introduction · Essential Difference Between the Discounting Method and the Capitalization Method · The Perpetual Economic Income Stream Model · Converting a Discount Rate to a Capitalization Rate—The Constant 181 Growth Model · The Gordon Growth Model · Sensitivity to Growth Rate Assumptions · When to Use the Discounting versus the Capitalization Method · Equivalence of the Discounting and Capitalization Methods · Implementing the Capitalized Economic Income Method · Forecasting the Basic Economic Income Level and the Growth Rate · Defining the Components in the Capitalization Method · Modification to Reflect the Midyear Discounting Convention · Using the Capitalized Economic Income Method to Develop a Terminal Value · Does the
Capitalized Economic Income Method Produce a Control Value or a Noncontrolling Value? · What Standard of Value Does the Capitalized Economic Income Method Produce? · Misconceptions About the Difference Between the Discounted Economic Income and the Capitalized Economic Income Methods · Relationship Between the Capitalized Economic Income Method and the Market Approach · Common Errors · Summary 11 Income Approach: Developing the Discount Rate 207 Introduction · What Is Risk? · Capital Asset Pricing Model · Build-Up Method · Risk-Free Interest Rate and Equity Risk Premium: Interrelated Concepts · Systematic and Unsystematic Risk · Industry Risk Premiums · Size Effect · Company-Specific Risk Premium · Rate of Return Allowed to Regulated Companies · Benchmarking to Industry Data · Estimating the Discount Rate for Closely Held Businesses · Converting a Discount Rate Applicable to Net Cash Flow to a Discount Rate Applicable to Another Measure of Economic Income · Common Errors · Summary chapter 12 Income Approach: Forecasting Economic Income 257 Introduction · Understanding the Business of the Subject Company · Economic and Market Conditions Considerations · Industry Considerations · Company-Specific Considerations · Specific Forecast Period Economic Income Considerations · Terminal Period Economic Income Considerations · Common Errors · Summary chapter
Contents viii Chapter 13 Market Approach: Guideline Public Company Method 283 Introduction · Overview of the Guideline Public Company Method · When Is the Guideline Public Company Method Most Useful? · Criteria for Guideline Company Selection · How Many Guideline Companies? · Time Period to Consider · Deciding Which Valuation Multiples to Use · Compiling Guideline Company Tables · Selection of Multiples · Selecting and Weighting Specific Multiples for the Subject Company Based on Guideline Companies · Treating Nonoperating Assets, Excess Assets, and Asset Deficiencies · Multiline Companies · Typical Adjustments to Reach a Value Conclusion · Valuation Multiples Using Market Value of Invested Capital · Common Errors · Summary chapter 14 Market Approach: Guideline Transaction Method 325 Introduction · Overview of the Guideline Transaction Method · When Is the Guideline Transaction Method Most Useful? · Control Transaction Valuation Multiples · Caveat: Check the Deal Structure · Sources of Merger and Acquisition Data · Past Subject Company Transactions · Formulas or Rules of Thumb · Nonoperating Assets, Excess Assets, and Asset Deficiencies · Selecting and Weighting Multiples for the Subject Company Based on Guideline Transactions · Reaching the Value Conclusion · Common Errors · Summary chapter 15 Asset-Based Approach: The* Capitalized Excess Earnings Method Introduction · History of the Capitalized Excess Earnings Method · Capitalized Excess Earnings Valuation Method · Analysis of the Capitalized Excess Earnings Method · Comprehensive Example · Treatment of Negative Goodwill
· Common Errors in Applying the Capitalized Excess Earnings Method · Summary chapter 16 Asset-Based Approach: Asset Accumulation Method 361 Introduction · Asset-Based Approach versus Book Value · Valuation Methods Under the Asset-Based Approach · Fundamentals of the Asset Accumulation Method · Asset Accumulation Method Procedures · Individual Asset Valuation Procedures · Combining Elements of the Asset Accumulation and Capitalized Excess Earnings Methods · Example · Advantages of the Asset Accumulation Method · Disadvantages of the Asset Accumulation Method · Summary 343 Part IV_ ՜ Discounts, Premiums, and the Value Conclusion chapter 17 Control versus Lack of Control: Premiums and Discounts 385 Introduction · Control versus Lack of Control · Levels of Value · Measuring the Value Differential Between Levels of Value. · Elements of Control · Ways Control Elements Are Conveyed or Restricted · Control Covers a Spectrum · Deriving Value Reflecting Control or Lack of Control · How the Standard of Value Affects Control Considerations · Summary
Contents CHAPTER 18 ix Market Evidence of Acquisition Premiums and Discounts for Lack of Control 409 Introduction · Market Evidence Regarding Acquisition Premiums · Market Evidence Regarding Discounts for Lack of Control · Asset Holding Companies · Direct Undivided Ownership Interests in Real Estate · Nonoperating Assets · Summary CHAPTER 19 Discounts for Lack of Liquidity and Lack of Marketability 419 Introduction · Liquidity and Marketability—Closely Related but Not the Same · Adjustment for Lack of Marketability for Noncontrolling Ownership Interests · Marketability Discounts Extracted from Prices of Restricted Stocks · Marketability Discounts Extracted from Studies of Private Transactions before Initial Public Offerings · Quantitative Methods Used to Quantify Discount for Lack of Marketability · Quantitative Analysis Using Put Option Models · Interests with Blocking Power or Influence · Overlap Between Control and Marketability Discounts · Factors that Affect the Lack of Marketability and Cost of Illiquidity · Hierarchy of Factors Impacting DLOM—Liquidity · Court Decisions on Discounts for Lack of Liquidity and Lack of Marketability · Discounts for Lack of Liquidity for Controlling Ownership Interests · Summary CHAPTER 20 Other Valuation Discounts Introduction · Entity-Level Discounts · Shareholder-Level Discounts · 465 Summary CHAPTER 21 Valuation Reconciliation and Conclusion 481 Introduction · The Reconciliation Process · Criteria for the Selection of Valuation Approaches and Methods · Reconciling Divergent Indications Among Valuation Methods · Weighting of Valuation
Method Results · At What Point Are Valuation Discounts and Premiums Applied? · Concluding the Value Estimate · Summary PartV Writing and Reviewing Business Valuation Reports CHAPTER 22 Writing the Business Valuation Report 499 Introduction · Overview of the Business Valuation Report · Uniform Standards of Professional Appraisal Practice · International Valuation Reporting Standards · Internal Revenue Service Business Valuation Guidelines · Valuation Professional Organization Reporting Standards · Guidelines for Effective Report Writing · Common Errors and Shortcomings in Business Valuation Reports · Summary CHAPTER 23 Sample Report Introduction · Nature and History of the Business · Analysis of the U.S. Economy · Analysis of the Poultry Processing Industry · Financial Statement Analysis · Valuation of Common Stock · The Guideline Public Company Method · The Discounted Cash Flow Method · Overall Valuation Conclusion 515
x Contents Chapter 24 Reviewing a Business Valuation Report 553 Introduction · Valuation Review Checklist · Identification of the Subject Property and Client · Relevant Dates · Definition of Value · Purpose of the Valuation · Ownership Characteristics · Economic and Industry Outlook · Basic Company Information · Sources of Information · Financial Statement Adjustments · Comparative Financial Statement Analysis · Valuation Methodology · Are the Data Employed Appropriate to the Valuation Date? · Valuation Discounts and Premiums · Valuation Reconciliation and Conclusion · Appraiser’s Qualifications · Statement of Contingent and Limiting Conditions · Overall Evaluation Part VI_ Valuing Specific Assets, Instruments, and Interests CHAPTER 25 Valuing Intangible Assets 569 Introduction · Business Valuation and Intangible Assets · Types of Intangible Assets · Reasons to Value Intangible Assets · Intangible Asset Valuation · Summary CHAPTER 26 Valuing Debt Securities 589 Introduction · Debt Instruments Overview · Common Situations Requiring Valuation of Debt Instruments · Methods of Valuation · Structural Characteristics of Debt Instruments · Private Promissory Notes · Other Forms of Corporate Borrowing · Summary CHAPTER 27 Valuing Preferred Securities Introduction · Common Situations Requiring Valuation of Preferred Instruments · Structural Characteristics of Preferred Interests · Method of Valuation of Preferred Interests · Tax and Financial Reporting Literature · Summary CHAPTER 28 Introduction to
Valuing Stock Options 633 Introduction · Common Situations Requiring the Valuation of Options · Terminology · Basic Call Option Equation · Black-Scholes Option Pricing Model · Binomial Model for American Call Options · Monte Carlo Simulation Techniques · Using Option Pricing to Value the Built-In Gains (BIG) Tax » Liability · Real Options · Summary CHAPTER 29 Valuing Employee Stock Options Introduction · Federal Income Taxes · Financial Reporting · Binomial Example of Valuing a Public Company ISO · Valuing Options of Closely Held Businesses · Summary 615 661
Contents xi Chapter 30 Valuing Complex Capital Structures 671 Introduction · Where Are Complex Capital Structures Commonly Encountered? · Considerations Before Equity Is Allocated Among Equity Classes · Overview of Allocation Methods · Case Study Assumptions · Case Study Using Allocation Method 1: Current Value Method · Case Study Using Allocation Method 2: Probability-Weighted Expected Return Method · Case Study Using Allocation Method 3: Option Pricing Method · Case Study Using Allocation Method 4: Hybrid Method · Comparison of the Equity Allocation Methods · Common Equity Allocation Pitfalls · Summary chapter 31 Valuing Interests in S Corporations and Other Pass-Through Entities 697 Introduction · Case Law History · Properly Matching Economic Income with the Discount Rate · Investor-Level Taxes and the Discount Rate · Academic Research · Models for Valuation of Pass-Through Entities · Summary chapter 32 Valuing Interests in REITs and Other Real Property Holding Entities 713 Introduction · Real Estate Investment Trusts · Family Limited Partnerships and Limited Liability Companies · Summary chapter 33 Valuing Real Property with a Business Component Introduction · How Do Real Estate Appraisers Analyze Real Property with a Business Component? · Relying on a Real Property Appraisal within a Business Valuation Assignment · Suggestions for Working with Real Property Appraisers · Summary 727 Part VII_ Valuations for Specific Purposes chapter 34 Valuations for Gift, Estate, and Charitable
Contribution Tax Purposes 743 Introduction · Current Tax Rates and Penalties · Guidelines for Federal Gift and Estate Tax Valuations · IRC Chapter 14 Special Valuation Guidelines · Gift and Estate Tax Filing Process · Locking in the Three-Year Gift Tax Statute of Limitations · Shifting the Burden of Proof from the Taxpayer to the 1RS · Valuation Issues in Estate and Gift Tax Planning · Valuation Requirements for Charitable Contribution Deductions · Summary chapter 35 Gift, Estate, and Charitable Contribution Tax Court Cases Introduction · Inadequacy of the Valuation · Fair Market Value · Approaches to Value · Burden of Proof · Selection of Guideline Companies · Buy-Sell Agreements · Covenants Not to Compete · Reliance on Subsequent Sales · Subsequent Events and Data · Discount for Lack of Marketability · Discounts for Lack of Marketability—Controlling Ownership Interests · Discount for Lack of Control · Blockage Discounts · Key Person Discount · Contingent Liability Discounts · Combined Discounts · Premiums · Built-In Capital Gains Taxes · Subchapter S Corporations · Family Limited Partnerships (FLPs) · Focus on Willing Seller as Well as on Willing Buyer · Must Use Empirical Data to Quantify Valuation Inputs · Sufficiency of Data · Charitable Contribution Issues · Summary 765
Contents xii CHAPTER 36 Valuation Provisions in Buy-Sell Agreements 819 Introduction · Categories of Buy-Sell Agreements · Pricing Mechanisms in Buy-Sell Agreements · Elements of Valuation Processes Described in Buy-Sell Agreements · Single Valuation Analyst Processes · Multiple Valuation Analyst Processes · Selecting the Valuation Analyst(s) · Common Problems with Buy-Sell Agreements · Summary CHAPTER 37 Valuation for Income Tax Purposes Introduction · Federal Income Tax Reasons to Conduct an Appraisal · Valuation of Property Received/Transferred in a Transaction · Use of Financial Reporting Valuations for Income Tax Purposes · U.S. Tax Reform 835 Considerations · Valuation of Compensation · Valuation of Noncompetition Agreements · Valuation of Worthless and Abandoned Property · Valuation Aspects of Cancellation of Indebtedness Income · Valuation-Related Income Tax Penalties · Valuation Aspects of Intercompany Transfer Pricing · Valuation of Intellectual Properties for State Income Taxation Purposes · Summary CHAPTER 38 Income Tax Court Cases 865 Introduction · General Valuation Methodology Issues · Reasonable Compensation Issues—Multifactor Tests · Reasonable Compensation Issues— Independent Investor Test · Intangible Asset Valuation Issues · Intangible Asset Valuation Issues in Transfer Pricing · Purchase Price Allocation Issues - Payment for Stock · Purchase Price Allocation Issues—Payment for Noncompetition Agreements · Present Value as Indicator of For Profit Status · Stock Warrant Valuation · Valuation as Accounting Method · Discounts Applicable in Corporate
Distributions · Like-Kind Exchange · Use of Financial Reporting Valuations for Income Tax Purposes · Summary CHAPTER 39 Valuations for Employee Stock Ownership Plans 917 Introduction · General ESOP Framework · Valuation of a Company for ESOP Purposes · Valuation Approaches and Methods · Legislative and Regulatory Issues in ESOPs · 1RS Audit Guidelines · ESOP-Specific Plan Administration Issues · Finance Issues in Leveraged ESOPs · Repurchase Liability · Accounting for ESOPs · Fiduciary Issues in ESOPs · Valuation Issues in ESOPs · Summary CHAPTER 40 ESOP Court Cases Introduction · Sommers v. Corrigan · U.S. News World Report · Eyler v. Commissioner · Henry v. Champlain · Eckelkamp v. Beste · Chao v. Hall Holding · Keach v. U.S. Trust Co. · Armstrong v. LaSalle · Kennedy v. Trustmark · Fifth Third Bancorp v. Dudenhoeffer · Perez v. Bruister · Fish v. GreatBanc · Brundle v. Wilmington Trust · Pizzella v. Vinoskey · Remy v. Lubbock · Lee v. Argent Trust · Walsh v. Bowers Kubota · Summary 939 CHAPTER 41 Valuations in Shareholder and Partner Disputes 973 Introduction · Dissenting Stockholder Actions · Interpretation of the Fair Value Standard in Dissent Cases · Requirement for Entire Fairness · Consequences of Lack of Entire Fairness · Noncontrolling Interest Dissolution Actions · Partnership Disputes · Summary
Contents xiii CHAPTER 42 Shareholder and Partner Dispute Court Cases 981 Introduction · Readers Must Interpret Cases Carefully · High Risk Associated with Applying Novel Theories · Fair Value Is Not Fair Market Value · Breach of Fiduciary Duty Expands Plaintiffs’ Potential Damages · Some States Use Acquisition Value Instead of Going-Concern Value · The Impact of Appraisal Arbitrage in Recent Delaware Decisions · Approaches to Value · Other States Consider Market Value, Asset Value, and Investment Value · Oppression Remedies Sometimes Differ from Appraisal · Corporate Dissolution in Shareholder Deadlock · Partnership and Limited Liability Company Dispute Cases · Discounts for Lack of Control and Lack of Marketability · Summary CHAPTER 43 Valuations for Marital Dissolution Purposes 1015 Introduction » The Marital Estate · Standard of Value · Valuation Date · Discovery · Goodwill · Valuation Methods · Compensation · Noncompete Covenants · Buy-Sell Agreements · Treatment of Built-In Capital Gains Taxes · Tax Consequences Upon the Hypothetical Sale of the Business · Valuation Discounts and Premiums · The Role of the Valuation Expert · Adequacy of Evidence · Summary CHAPTER 44 Marital Dissolution Court Cases 1029 Introduction · Standards of Value · Premise of Value · Active versus Passive Appreciation · Valuation Date · Goodwill · The Double Dipping Issue · Valuation Methods in the Family Law Courts · Noncompete Covenants · BuySell Agreements · Discounts for Lack of Control and Lack of Marketability · Adequacy of Evidence · Treatment of Tax Liabilities · Summary CHAPTER 45
Valuations for Financial Reporting 1065 Introduction · Financial Reporting Objectives and Frameworks · StandardSetting in Financial Reporting · Standardization of Fair Value · Key Accounting Topics Incorporating Fair Value · Characteristics of Fair Value (ASC 820) · Fair Value vs. Fair Market Value · Accounting for Acquisitions (ASC 805 and ASC 350) · Impairment Testing (ASC 350 and ASC 360) · Stock Compensation (ASC 718) · Portfolio Valuations (ASC 946) · Minimum Performance Standards · Summary CHAPTER 46 Valuations for Ad Valorem Taxation 1089 Introduction · Definitions of Ad Valorem Taxation Terminology · Basic Principles of the Property Tax Valuation Process · The Property Tax Equalization Process · The Property Tax Appeal Process · Property Tax Valuation Issues · Summary CHAPTER 47 Fairness Opinions 1119 Introduction · Corporate Law Relevant to Fairness Opinions · Directors’ Fiduciary Duties · Board Decisions in the Transaction Context · Overview of Fairness Opinions · Underlying Financial Analyses · Scope of Work Issues · Summary
Contents xiv CHAPTER 48 Solvency Opinions Introduction · Risks Addressed by Solvency Opinions in Highly Leveraged Transactions · Solvency Opinion Determinations · Analysis Supporting Solvency Opinions · Additional Solvency Opinion Issues · Summary 1141 Part VIII Litigation and Dispute Resolution CHAPTER 49 Litigation Support Services 1157 Introduction · The Role of Experts in Valuation-Related Disputes · Types of Disputes Requiring Valuation-Related Testimony · Engaging the Valuation Analyst as an Expert · The Litigation Process · Expert Discovery · Pretrial Briefs · Damages · Financial Forensics Investigations · Summary CHAPTER 50 Expert Testimony 1179 Introduction · Background Preparation · The Court as Gatekeeper · Depositions · Outlining Courtroom Testimony · Exhibits · Preparation with the Attorney · In the Courtroom · Courts’ Expectations Regarding Expert Testimony · Summary CHAPTER 51 Alternative Dispute Resoluțion 1203 Introduction · Advantages of ADR over Court Trial · Situations Suitable for Arbitration · The Arbitration Agreement · Selection of Arbitrators · Engagement and Compensation of Arbitrators · The Arbitration Process · Reporting the Results of the Arbitration · Mediation · Summary About the Website 1217 Appendices to each chapter online at www.appraisers.org/VAB6. Index 1221 |
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| spelling | Pratt, Shannon P. 1933-2021 Verfasser (DE-588)142483109 aut Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt and ASA Educational Foundation Shannon Pratt's valuing a business Sixth edition New York ; Chicago ; San Francisco ; Athens ; London ; Madrid McGraw Hill [2022] © 2022 xlv, 1248 Seiten txt rdacontent n rdamedia nc rdacarrier "The go-to valuation guide for more than 30 years has been updated with need-to-know information about taxes, financial reporting, compliance, and more When it was first published in 1981, Valuing a Business set a new standard in business publishing. Now in its sixth edition, this landmark guide is essential for anyone involved in business valuation-from CEOs, accountants, and lawyers to judges, financial planners, and small-business owners. Covering both the concepts of business valuation and practices for doing it right, this is by far the most comprehensive book on the subject. Valuing a Business, Sixth Edition provides detailed answers to virtually every question on the topic, ranging from executive compensation and lost profits analysis to ESOP issues and valuation discounts. Updates include: * Hundreds of new court decisions shedding new light on aspects of valuation * Checklists for reviewing reports-perfect for practitioners and attorneys * Risk-measurement methods for estimating cost of capital * Data sources for estimating discounts for lack of control, liquidity, and marketability * New chapters on fairness opinions/solvency opinions and valuation of REITs"-- Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Corporations / Valuation Corporations / Valuation / Law and legislation / United States Corporations / Valuation / Law and legislation United States Unternehmensbewertung (DE-588)4078594-4 s DE-604 ASA Educational Foundation Sonstige (DE-588)126038179X oth Erscheint auch als Online-Ausgabe 9781260121575 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033221968&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Valuing a business the analysis and appraisal of closely held companies |
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| title_full | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt and ASA Educational Foundation |
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